Baker Hughes Co (NASDAQ:BKR) reported a fourth-quarter FY23 revenue increase of 16% Y/Y to $6.835 billion, missing the consensus of $6.915 billion.
Orders declined 14% Y/Y to $6.904 billion, but Industrial & Energy Technology (IET) segment orders remained strong, exceeding $3 billion for the fifth consecutive quarter.
Industrial & Energy Technology revenue increased 24% Y/Y to $2.88 billion; operating margin contracted by 190 bps to 14.3%; and EBITDA margin was 16.1%, down 230 bps.
Oilfield Services & Equipment revenue grew 11% Y/Y to $3.96 billion; operating margin expanded by 80 bps to 12.4%; and EBITDA margin was 17.9%, up by 80 bps.
The adjusted operating income was $816 million (+18% Y/Y) and adjusted EBITDA of $1.09 billion (+15% Y/Y) in the quarter.
Adjusted EPS was $0.51, beating the consensus of $0.48.
Baker Hughes’ operating cash flow in the quarter stood at $932 million, compared to $898 million a year ago.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer said, “We successfully removed $150 million of costs, realigned our Industrial & Energy Technology (IET) segment, and recently launched actions to further streamline our Oilfield Services & Equipment segment (OFSE).”
“During the fourth quarter, adjusted EBITDA* came in above the mid-point of our guidance range due to continued operational improvement and full realization of the $150 million of cost-out.”
“Additionally, we were awarded more than $1 billion of contractual service agreements (CSA), while we booked the previously announced 9.6 MTPA Ruwais Liquefied Natural Gas (LNG) project in the United Arab Emirates.”
Also Read: Baker Hughes Expands Footprints In Norway With Two Major Contract Win
Price Action: BKR shares are trading higher by 0.86% at $31.80 premarket on the last check Wednesday.
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